TORONTO, July 5 /CNW/ - Following a disciplinary hearing held on April 21 and 22, 2010 in Toronto (Ontario), a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Hector Wong (the Respondent) committed the following contravention:
In or about September to December 2006, as an Officer (Trading, Resident) of a Member of IIROC, engaged in business conduct or practice which is unbecoming or detrimental to the public interest in that he misappropriated funds from his member firm employer by executing transactions in US treasury bills which had the net effect of generating profits in two of his personal accounts at the expense of the inventory account of his member firm employer, contrary to IIROC Rule 29.1.
IIROC formally initiated the investigation into the Respondent's conduct on May 29, 2007. The contravention occurred when the Respondent was an Officer (Trading, Resident) with the Toronto Branch of Hampton Securities Limited. The Respondent is no longer a registrant with an IIROC-regulated firm.
The Hearing Panel issued its Decision and Reasons on June 16, 2010. A separate hearing will be held to determine the penalty to be imposed on the Respondent. The Hearing Panel's Decision and Reasons are available at www.iiroc.ca.
IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: For further information: Elsa Renzella, Acting Director, Enforcement Litigation, 416.943-5877, firstname.lastname@example.org